New Delhi [India], February 1 (ANI): Congress MP Jairam Ramesh alleged that the demands of the farmer organisations including the debt waiver were completely overlooked in the Union Budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on Saturday.
Ramesh took a dig at the government’s ‘Vocal for Local’ initiative, stating, “It seems that vocal has been relieved, but what did the local receive?”
“If you talk about farmers, what did they receive? There is no mention of a Minimum Support Price (MSP). There was no mention of a debt waiver by the Finance Minister. There was no mention of improvements in the Pradhan Mantri Fasal Bima Yojana,” Ramesh told ANI.
“The demands of the farmer organisations, the recommendations of the agricultural stranding committee, they have been ignored in the Budget,” he said.
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025 in the Lok Sabha outlining a roadmap for India’s continued economic expansion, emphasizing agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports.
Finance Minister Nirmala Sitharaman, during her Union Budget 2025 speech, announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class.
“To taxpayers up to Rs 12 lakh of normal income (other than special rate income such as capital gains) tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them,” said Sitharaman.
The announcement from the Finance Minister of this big relief to the middle class was met by a loud thumping of the desks by the treasury benches led by PM Narendra Modi.
The finance minister announced changes in income tax slabs and rates across the board, ensuring a more progressive taxation system.
Sitharaman said, “Slabs and rates are being changed across the board to benefit all tax-payers. The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment.”
Under the new tax slabs income of up to Rs 4 lakh will have to pay Nil tax hiked from Rs 3 lakh. A taxpayer in the new regime with an income of Rs 12 lakh will get a benefit of `Rs 80,000 in tax.
A person having an income of Rs 18 lakh will get a benefit of Rs 70,000 in tax. A person with an income of Rs 25 lakh gets a benefit of Rs 1,10,000 under the new tax slabs. (ANI)
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